بایگانی ماهانه: فوریه 2019

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France Kennedystated, “We maintain a solid financial position, developed over many years, that affords us the ability to follow our disciplined capital allocation strategy and maintain our leadership position in the motorsports industry.0 million, comprised of close to $100. Following an extensive request for proposal process, ONE DAYTONA chose the Florida developer based on their command of market demographics, development experience and expert property management systems.0 million and $130.0million, which includes maintenance capital, before capitalized interest. Talladega Superspeedway In June 2018, the Board of Directors approved a capital project for the redevelopment of the infield of Talladega Superspeedway (known as “Transformation – the Talladega Superspeedway Infield Project”).1 million, or $0. From inception, through August31, 2018, we recorded approximately $3. “Our overall financial results for the third quarter are in line with expectations and the 2018 outlook,” stated Lesa France Kennedy, ISC Chief Executive Officer.1 million.27Adjustments:The ISM Raceway Project5013370.02 per diluted share, primarily associated with The ISM Raceway Project and, to a lesser extent, ONE DAYTONA. Despite not anticipating the need for additional long-term debt to fund this project, accounting rules dictate that we capitalize a portion of the interest on existing outstanding debt during the construction period. Operating income was approximately $10.01 per diluted share, of net gain on sale of certain assets. Recently, GameTime, an ultimate destination for family entertainment, opened its 35,000square foot location, providing guests with many entertainment options, including bowling, arcade games and a full-service restaurant and sports bar.9million for the same period in fiscal 2017.1million, or $3.7 million of capitalized interest related to ONEDAYTONA, and expect approximately $3.2 million of non-cash charges related to accelerated depreciation associated with the project.1million, or less than $0.01)Losses on retirements of long-lived assets3491332160. The Fairfield Inn and Suites opened in December 2017, while The DAYTONA is currently under construction and expected to be complete in early fiscal 2019. Construction is expected to commence in the fall of 2018 and be complete in fall of 2019.6million as of fiscal 2017. The development at ISM Raceway is also progressing nicely.0 percent, which will lower our effective tax rate and annual tax liability. The RD&E component of phase one is owned 100.47 per share. Leasing remains strong and we are expecting to exceed our lease occupancy goals for 2018.05 per diluted share, was associated with The ISM Raceway Project and $0.01 per diluted share, in similar costs related to The ISM Raceway Project;During the three months ended August31, 2017, we recognized $2. Such reconciliations would require unreasonable efforts to estimate and quantify various necessary GAAP components largely because forecasting or predicting our future operating results is subject to many factors not in our control or not readily predictable, as detailed in the Risk Factors section of the Company’s previously publicly filed documents, including Forms 10-K and 10-Q, with the SEC, any or all of which can significantly impact our future results. In the second quarter of fiscal 2018, we received a refund of estimated payments made during 2017 of approximately $19. generally accepted accounting principles (“non-GAAP”). We believe such non-GAAP information is useful and meaningful, and is used by investors to assess the performance of our core operations, which primarily consist of the ongoing promotions of racing events at our major motorsports entertainment facilities.2 million, or $0. We expect the Tax Act to favorably impact our future liquidity, primarily a result of the lower single corporate tax rate from 35.00Capitalized interest(1,047)(400)(647)(0.4 millionsquare feet of retail/dining/entertainment, a 2,500-seat movie theater, 660 hotel rooms, 1,350 residential units, 567,000square feet of additional office space and 500,000 square feet of commercial/industrial space.9million, or $0. Concessions revenue and expense were recorded similarly for both periods. We estimate that we will record approximately $5.2million for the same period in fiscal 2017. VCC has an outstanding national reputation for quality and a proven track record leading and managing the development and construction of some of the country’s most engaging mixed-use developments.0% to 15. A Community Development District (“CDD”) has been established for the purpose of installing and maintaining public infrastructure at ONE DAYTONA.01 per diluted share, in non-recurring costs that are included in general and administrative expense related to The ISM Raceway Project (see “External Growth, Financing-Related and Other Initiatives – The ISM Raceway Project Powered by DC Solar”).02)Benefit of income tax law change& DC Motors Suppliers 1,168(1,168)(0.01 per diluted share, of similar losses related to The ISM Raceway Project;During the nine months ended August31, 2018, we recognized total capitalized interest of approximately $2. Eastern Time. The expected total square footage for the RD&E first phase is approximately 300,000 square feet. The ISM Raceway Project is included in our aforementioned $500. “During the quarter, Watkins Glen announced the fourth consecutive sell-out of reserved grandstand seats for the Monster Energy NASCAR Cup Series event. This amount is a guaranteed maximum price to be paid for the work, which may not change absent a requested change in the scope of work by ISM Raceway.85 per diluted share, for the nine months ended August31, 2018 and 2017, respectively (see “GAAP to Non-GAAP Reconciliation”).m.0 million Stock Purchase Plan.02)Impairment of deferred tax asset—(2,113)2,1130. In addition, we have used the proceeds from offerings of our ClassA Common Stock, the net proceeds from the issuance of long-term debt, borrowings under our credit facilities, and state and local mechanisms to fund acquisitions and development projects.01 per diluted share, in similar costs related to The ISM Raceway Project;During the nine months ended August31, 2018, we recognized approximately $1. This is compared to last year at this time when we had entitlements for one Monster Energy NASCAR Cup and one NASCAR Xfinity series events open. Penn is the managing member of Kansas Entertainment and is responsible for the operations of the casino.04 per diluted share, resulting in a charge to income tax expense. Complementing ONE DAYTONA is the retail property adjacent to the development, known as the Shoppes at ONE DAYTONA.5million related to ONE DAYTONA, (see “GAAP to Non-GAAP Reconciliation” for our definition of Adjusted EBITDA and discussion on Non-GAAP financial forward looking measures). ISC is narrowing its 2018 full fiscal year non-GAAP guidance. We expect the returns of this investment to exceed our weighted average cost of capital; andReturn of capital to shareholders through dividends and share repurchases is a significant pillar of our capital allocation. We also own and operate Motor Racing NetworkSM, the nation’s largest independent sports radio network and Americrown Service CorporationSM, a subsidiary that provides catering services, and food and beverage concessions. We have not reconciled the non-GAAP forward-looking measure to its most directly comparable GAAP measure, such as those of ONE DAYTONA and The ISM Raceway Project (see “External Growth, Financing-Related and Other Initiatives”).0 million in incentives to finance a portion of the infrastructure required for the ONEDAYTONA project. During the nine months ended August31, 2017, we recognized approximately $0. Amounts are in thousands, except per share data, which is shown net of income taxes, (unaudited): Three Months Ended August 31, 2017Income Before TaxesIncome Tax EffectNet IncomeEarnings Per ShareGAAP$4,625$4,360$265$0. Non-GAAP financial measures, such as Adjusted EBITDA (see below for management interpretation of Adjusted EBITDA), should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.0 percent expensing of certain capital investments through 2022.04 per diluted share, resulting in a charge to income tax expense.0 million capital allocation plan covering fiscal years 2017 through 2021. Also, the realigned date at Chicagoland Speedway is paving the path for a tradition of NASCAR racing in July, honoring service men and women with its thematic ‘Stars and Stripes’ weekend. As a result, our cash position improved approximately $24.0 million annually, will likely result in a blended return on this invested capital in the low-to-mid single digits;In addition to the aforementioned $500. The following schedule reconciles the Company’s financial performance prepared in accordance with GAAP to the non-GAAP financial measure of Adjusted EBITDA (in thousands): Three Months EndedNine Months EndedAugust 31, 2017August 31, 2018August 31, 2017August 31, 2018Net Income (GAAP)$265$12,031$34,765$198,047Adjustments:Income tax expense (benefit)4,3602,46925,592(127,654)Interest income(331)(979)(699)(2,232)Interest expense2,8322,5519,1518,336Other(330)(11)(344)(26)Equity in net income from equity investments(4,645)(5,790)(14,071)(16,449)Operating Income (GAAP)$2,151$10,271$54,394$60,022Adjustments:Depreciation and amortization27,81326,02782,58379,625Impairments/losses on retirements of long-lived assets1272,1815313,538Other Non-GAAP adjustments (1)5750(676)266Cash distributions from equity investments9,2508,37719,10020,002Adjusted EBITDA (non-GAAP)$39,398$46,906$155,932$163,453 (1) Other Non-GAAP adjustments include: 2017 adjustments for the three month period relate to costs associated with The ISM Raceway Project of approximately $0.04Net gain on sale of certain assets(330)(126)(204)0.5 million, or $0. Pre-tax distributions from Kansas Entertainment for the nine months ended August31, 2018, totaling approximately $19. Fan access is the focus of Richmond Reimagined, which will showcase new Monster Energy NASCAR Cup Series garages with a fan-viewing walkway. Richmond Raceway In June 2017, the Board of Directors approved a capital project for the redevelopment of the infield of Richmond Raceway (“Richmond Reimagined”).0 percent since 2008. and leverage our real estate on a year-round basis. Beginning in fiscal 2018, the venue is now known as ISM Raceway. Based on our current plans for ISM Raceway, it has identified existing assets that are expected to be impacted by the redevelopment and will require accelerated depreciation, totaling between approximately $6. This non-GAAP financial information may not be comparable to similarly titled measures used by other entities and should not be considered as an alternative to operating income, net income or diluted earnings per share, which are determined in accordance with GAAP.0 percent by us. Non-GAAP net income and diluted earnings per share below are derived by adjusting amounts determined in accordance with GAAP for certain items presented in the accompanying selected operating statement data. A live Webcast will also be available at that time on our website, , under the “Investor Relations” section.0million, or $0. Effective November 30, 2016, ISM Raceway entered into a Design-Build Agreement with Okland. In 2018, we expect to begin renovation to the infield at Talladega (see “Talladega Superspeedway”). In the three months ended August31, 2018 we recorded a $1.8 million. The following financial information is reconciled to comparable information presented using GAAP. We expect to recognize the full fiscal year incremental financial lift in fiscal 2019 and sustained thereafter.4million, or $1. Period-over-period comparability was impacted by: In the first quarter of fiscal 2017, we hosted the Ferrari World Finals at Daytona International Speedway, for which there was no comparable event in fiscal 2018;In the second quarter of fiscal 2018, we hosted the Country 500 music festival at Daytona, whereby due to certain changes in contractual agreements, a higher amount of event revenues and expenses was recorded in fiscal 2018 as compared to fiscal 2017.3 percent to $0.7 million, or $0.2 million received as a distribution from its profits, included in net cash provided by operating activities on our consolidated statement of cash flows, with the remaining approximate $2.0million, respectively, and deliver an unlevered return above our weighted average cost of capital (see “GAAP to Non-GAAP Reconciliation – Adjusted EBITDA” for discussion on Non-GAAP financial forward looking measures).28)Non-GAAP$72,370$17,930$54,440$1.02Losses on retirements of long-lived assets3,4148952,5190. The infield redevelopment project is included in our aforementioned $500.7million, or $0.~Narrows Full Year 2018 Outlook Within Previously Announced Guidance~DAYTONA BEACH, Fla. Pre-tax distributions from Kansas Entertainment for the nine months ended August31, 2017, totaling $19. The number ofFORTUNE500 companies investing in NASCAR has either grown or sustained for five of the last six years, and has increased approximately 28. In April 2017, our Board approved an additional approximate $12. Year-to-Date Comparison Total revenues for the nine months ended August31, 2018 were approximately $479.95 Our guidance for Adjusted EBITDA is to range between$235.02 per diluted share, associated with ONE DAYTONA and approximately $0. In March 2015, we announced Legacy Development, a leading national development group, as development consultant for ONE DAYTONA.1million, or less than $0. We expect the improvements to the Shoppes will generate an incremental EBITDA of approximately $1. These non-GAAP financial measures are derived by adjusting amounts for certain items, presented in the accompanying selected operating statement data that have been determined in accordance with GAAP. Total capital expenditures for ONE DAYTONA and the Shoppes, excluding capitalized interest and net of anticipated public incentives, are expected to be approximately $107.5 million of capitalized interest from fiscal 2017 through fiscal 2018. International Speedway Corporation is a leading promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other motorsports-related activities.0 percent for the same period in fiscal 2017.3 million, or less than $0.0 million and $26. We will continue to explore development and/or acquisition opportunities beyond the initiatives discussed above that build shareholder value and exceed our weighted average cost of capital. Concerning share repurchases, for the nine months ended August31, 2018, we repurchased 177,899 shares of ISCA on the open market at a weighted average share price of $41. We believe these improvements, combining innovative technology, social zones and interactive fan engagement areas with the stars of our sport, will competitively position ISC and ISM Raceway in the Phoenix market.00Accelerated depreciation2,0557851,2700. The infield redevelopment project will offer new attractions and enhanced amenities for fans, sponsors, teams and stakeholders in the famous, historic Talladega infield. The Design-Build Agreement obligates ISM Raceway to pay Okland approximately $136.0 million. The infield redevelopment project will include new interactive Garage Fan Zone Experience, a paddock club to enhance the experience for fans and corporate guests, new Gatorade Victory Lane with up-close fan view, expanded premium RV camping and amenities with new spots near the Alabama Gang Superstretch and frontstretch by the start-finish line, and a new turn 3 vehicle tunnel providing unobstructed ingress/egress access to the infield for haulers and RV’s.0percent portion of Kansas Entertainment’s net income, which is before income taxes as the joint venture is a disregarded entity for income tax purposes, was approximately $14. The balance of approximately $3.90 to $1. A replay will be available two hours after the end of the call through midnight Thursday, October 18, 2018. During the nine months ended August31, 2017, we recognized $4.0million for the completion of the work described in the Design-Build Agreement.07 per diluted share, of similar costs associated with The ISM Raceway Project and other capital improvements, including the infield project at Richmond Raceway;During the nine months ended August31, 2018, we recognized approximately $3. Capital Expenditures An important strategy for our future growth will come from investing in our major motorsports facilities to enhance the live event experience and better enable us to effectively compete with other entertainment venues for consumer and corporate spending. In fiscal 2017, we began the redevelopment of ISM Raceway (see “The ISM Raceway Project Powered by DC Solar”) and the infield at Richmond (see “Richmond Raceway”) with completion for both projects targeted in late 2018.0million, or $4. Net income for the nine months ended August31, 2018, was approximately $198.0million and approximately $10.26Nine Months Ended August 31, 2017Income Before TaxesIncome Tax EffectNet IncomeEarnings Per ShareGAAP$60,357$25,592$34,765$0.6million on capital expenditures for projects for the same period in fiscal 2017. The presentation of this non-GAAP financial information is not intended to be considered independent of, or as a substitute for, results prepared in accordance with GAAP. We expect dividends to increase in 2019 and beyond, by approximately four to five percent annually.3million during the period compared to approximately $2.0 million from fiscal 2017 through fiscal 2021. Capital expenditures for projects, including those related to The ISM Raceway Project and ONE DAYTONA, were approximately $122.85Nine Months Ended August 31, 2018Income Before TaxesIncome Tax EffectNet IncomeEarnings Per ShareGAAP$70,393$(127,654)$198,047$4.4million, or $0.2 million received, recognized as a return of capital from investing activities on our consolidated statement of cash flows. The redevelopment is expected to focus on new and upgraded seating areas, vertical transportation options, new concourses, enhanced hospitality offerings and an intimate infield experience with greater accessibility to pre-race activities.” Conference Call Details The management of ISC will host a conference call with investors at 9:00 a.5 million to $9.1million, or less than $0.00Non-GAAP$5,426$2,553$2,873$0. Intensely focused on innovative destination retail and mixed-use projects, Legacy Development (“Legacy”) is working closely with ISC’s development staff on the project. The new infield will offer a variety of enhanced amenities for fans, teams, sponsors and other stakeholders to the iconic Richmond infield.06Three Months Ended August 31, 2018Income Before TaxesIncome Tax EffectNet IncomeEarnings Per ShareGAAP$14,500$2,469$12,031$0. Groundbreaking occurred immediately following the Monster Energy NASCAR Cup Series event in September 2017. In September 2016, we announced VCC had been selected as general contractor to oversee construction of the RD&E component of phase one including Victory Circle and the parking garage. ONE DAYTONA Since June 2013, we have pursued development of ONE DAYTONA, a premier mixed-use and entertainment destination across from Daytona International Speedway, which has crafted a strategy that will create synergy with Daytona International Speedway, enhance customer and partner experiences, monetize real estate on International Speedway Blvd. Fiscal 2018 Financial Outlook ISC’s reported quarterly and year to date earnings are presented under GAAP.01 per diluted share, related to The ISM Raceway Project;During the three months ended August31, 2017, we recognized approximately $0. In the three months ended August31, 2017, we impaired a deferred tax asset of approximately $2. Overall attendance and concession sales in fiscal 2018 were significantly impacted by tropical storm Alberto, prior to, and during, the event;The Monster Energy NASCAR Cup, Xfinity and Truck Series were held at Chicagoland Speedway in the third quarter of fiscal 2018 compared to the fourth quarter of fiscal 2017;In the third quarter of fiscal 2018, we hosted a music festival at Auto Club Speedway, where this event was not held at one of our facilities in fiscal 2017;During the nine months ended August31, 2018, we received lease rents, and incurred operating expenses, related to ONE DAYTONA as a result of certain tenants commencing operations in the period, for which there was no comparable activity in the same period of fiscal 2017 (see “External Growth, Financing-Related and Other Initiatives – ONE DAYTONA”);During the nine months ended August31, 2018, we recognized $1.01 per diluted share, associated with ONE DAYTONA.01 per diluted share, associated with ONE DAYTONA and approximately $0. Revenue:$675. (“Penn”), a subsidiary of Penn National Gaming, Inc. In an effort to enhance the comparability and understandability of our forward looking financial guidance, we adjust for certain non-recurring items that will be included in our future GAAP reporting to provide information that we believe best represents our expectations for our core business performance. At this time, there is no project specific financing in place for ONE DAYTONA. Richmond Reimagined is included in our aforementioned $500.6million, or $0.03)Non-GAAP$15,531$3,907$11,624$0.0million to $60.2million, or $0.03 per diluted share, of accelerated depreciation due to shortening the service lives of certain assets associated with The ISM Raceway Project and other capital improvements, including the infield project at Richmond Raceway (see “External Growth, Financing-Related and Other Initiatives – Richmond Raceway”).9million, or $0. From inception, through August31, 2018, capital expenditures totaled approximately $102. These components, and other factors, could significantly impact the amount of the future directly comparable GAAP measures, which may differ significantly from their non-GAAP counterparts. During the nine months ended August31, 2017, we recognized total capitalized interest of approximately $2.S. For fiscal 2018, our non-GAAP guidance excludes: any non-recurring income statement impactattributable to the completion of ISM Raceway Project, including accelerated depreciation and non-capitalized costs and losses associated with retirements of certain other long-lived assets, partially offset by capitalized interest expense;any non-recurring and non-capitalized costs or charges and capitalized interest related to our ONE DAYTONA development;accelerated depreciation and future loss on retirements, mostly non-cash, or relocation of certain long-lived assets, which could be recorded as part of capital improvements other than the ISM Raceway Project resulting from removal of assets prior to the end of their actual useful life;start up and/or financing costs should ourHollywood CasinoatKansas Speedwayjoint venture pursue construction of an adjacent hotel;any costs or income related to legal settlements;gain or loss on sale of other assets; andany one-time, non-recurring income tax charges or benefits. ONE DAYTONA expects to receive approximately $22.8million to be recorded by completion of construction.23 per diluted share, as compared to $37. We believe that such non-GAAP information improves the comparability of the operating results and provides a better understanding of the performance of our core operations for the periods presented.1million, or $0. For fiscal 2018, cash distributions from Kansas Entertainment are estimated to be approximately $25.9million, or $0. They have executed a franchise agreement with Marriott International for an exclusive 145-room full service Autograph Collection hotel at ONE DAYTONA that will be known as “The DAYTONA”, as well as a 105-room select-service Fairfield Inn & Suites by Marriott.0 million.In December 2017, Congress passed the Tax Cut and Jobs Act (“Tax Act”). The DAYTONA, the Marriott Autograph Collection hotel, is progressing with an anticipated opening in early 2019. . Additionally, Tax Reform provides for 100. In addition, we own ONE DAYTONA, the retail, dining and entertainment development across from Daytona International Speedway, and have a 50.3million, or less than $0. We will continue to evaluate the details of Tax Act and the impact on ISC.03)Impairment of deferred tax asset—(2,113)2,1130. This capital allocation plan is reviewed annually, or more frequently, if necessary, based on changes in business conditions.06 per diluted share, for the three months ended August31, 2018 and 2017, respectively (see “GAAP to Non-GAAP Reconciliation”).26per diluted share, as compared to $2. The CDD is a local, special purpose government framework authorized by Chapter 190 of the Florida Statutes for managing and financing infrastructureto support community development.6 million, or $0. Management uses both GAAP and non-GAAP information in evaluating and operating the business and as such deemed it important to provide such information to investors.02 per diluted share, of accelerated depreciation due to shortening the service lives of certain assets associated with The ISM Raceway Project and other capital improvements, including the infield project at Richmond Raceway (see “External Growth, Financing-Related and Other Initiatives – Richmond Raceway”).9million of capitalized interest related to The ISM Raceway Project. To participate, dial toll free (888) 694-4641 five to ten minutes prior to the scheduled start time and request to be connected to the ISC earnings call, ID number 7787527. Similar to the hotel partnership, our portion of equity will be limited to our land contribution and we will share proportionately in the profits from the joint venture. Earlier in 2017, we announced a multi-year partnership with DC Solar that included naming the project ‘The ISM Raceway Project Powered by DC Solar’ during the redevelopment phase. We anticipate ONE DAYTONA to be the epicenter for retail, dining and entertainment in the Daytona Beach area. The CDD has negotiated agreements with the City of Daytona Beach and Volusia County for a total of up to $40.2million for the nine months ended August31, 2018. Upon completion, the redevelopment is expected to provide a full fiscal year incremental lift in ISM Raceway’s EBITDA of approximately $8. During the three months ended August31, 2017, we capitalized interest of approximately $0.3million, compared to revenues of approximately $131.00Accelerated depreciation1,1543028520.0million, or $0.0 million to $680.0million and $6. The design for the first phase of ONE DAYTONA is comprised of three components: retail, dining and entertainment (“RD&E”); hotels; and residential.3million, or $0. We calculate Adjusted EBITDA, a non-GAAP financial measure, as GAAP operating income, plus depreciation, amortization, impairment/losses on retirements of long-lived assets, other previously stated non-GAAP adjustments, and cash distributions from equity investments.2million, or $0. Excluding legal settlement, non-recurring costs associated with The ISM Raceway Project, accelerated depreciation related to The ISM Raceway Project and other capital improvements including the infield project at Richmond, losses associated with the retirements of certain other long-lived assets, capitalized interest associated with The ISM Raceway Project and ONE DAYTONA, net gain on sale of certain assets, impairment of deferred tax asset, and the income tax benefit related to the TaxCutsandJobsAct, non-GAAP net income, as defined below, was $54.8million will be received in subsequent periods. While many components of these expected projects will exceed weighted average cost of capital, considerable maintenance capital expenditures, approximately $40.04Capitalized interest(1,185)(310)(875)(0.04per diluted share, of asset retirement losses primarily attributable to demolition and/or asset relocation costs in connection with facility optimization initiatives and The ISM Raceway Project. Shaner Hotels and Prime Hospitality Group (“PHG”) have been selected as hotel partners. We have approved land use entitlements for ONE DAYTONA to allow for up to 1.3million for the nine months ended August31, 2017 and 2018, respectively, and is included in Equity in net income from equity investments in the consolidated statements of operations.00Losses on retirements of long-lived assets2,1665671,5990. Bass Pro Shops, America’s most popular outdoor store, and Cobb Theatres, the highly respected Southeastern-based exhibitor, are anchor tenants of ONE DAYTONA. To access, dial (855) 859-2056 and enter the code 7787527, or visit the “Investor Relations” section of our website.0%Diluted earnings per share:$1.0 million capital allocation plan covering fiscal years 2017 through 2021. There was no comparable activity in fiscal 2017;In the second quarter of fiscal 2017, we received a favorable legal settlement relating to certain facility operations of approximately $1. Several new-to-market tenants have already commenced operations at ONE DAYTONA with additional tenants commencing operations throughout fiscal 2018. In the nine months ended August31, 2017, we impaired a deferred tax asset of approximately $2.0 million in capital expenditures for existing facilities, we expect we will have an additional approximate $107.1million of accelerated depreciation associated with the project. In fiscal 2018, we increased our dividend approximately 9. There was no comparable activity in fiscal 2018;During the nine months ended August31, 2018, we recognized approximately $0. Operating income was approximately $60.26 for a total of approximately $7. More than one in four FORTUNE 500 companies and nearly half of the FORTUNE 100 companies use NASCAR as part of their marketing strategy. There were no similar charges incurred during the three months ended August31, 2018;During the three months ended August31, 2018, we recognized approximately $2. During the three months ended August31, 2017, we recognized approximately $0.0 million capital allocation plan covering fiscal years 2017 through 2021.3million; and2018 adjustments for the three and nine month periods relate to costs associated with The ISM Raceway Project of approximately $0.0 million for existing facilities, including ISM Raceway and Richmond Raceway projects, and an additional approximate $20. Ultimately, we may secure financing for the project upon stabilization. Period-over-period comparability was impacted by: The Monster Energy NASCAR Cup, Xfinity and Truck Series were held at Chicagoland Speedway in the third quarter of fiscal 2018 compared to the fourth quarter of fiscal 2017;In the third quarter of fiscal 2018, we hosted a music festival at Auto Club Speedway, where this event was not held at one of our facilities in fiscal 2017;During the three months ended August31, 2018, we received lease rents, and incurred operating expenses, related to ONE DAYTONA as a result of certain tenants commencing operations in the period, for which there was no comparable activity in the same periods of fiscal 2017 (see “External Growth, Financing-Related and Other Initiatives – ONE DAYTONA”);During the three months ended August31, 2018, we recognized approximately $0.27 per diluted share, compared to approximately $0.78 per diluted share, in the prior year period. From inception, through August31, 2018, we recorded approximately $3.23 Adjusted EBITDA In an effort to enhance the comparability and understandability of certain forward looking financial guidance, we adjust for certain non-recurring items that will be included in our future GAAP reporting to provide information that we believe best represents our expectations for our business performance. During the nine months ended August31, 2017, we recognized approximately $0.7million, or $0.For fiscal 2017 through 2021 we expect our return of capital program to be approximately $280.1million and $16.06per diluted share, of asset retirement losses primarily attributable to demolition and/or asset relocation costs in connection with facility optimization initiatives, The ISM Raceway Project and to a lesser extent, ONE DAYTONA.01 per diluted share, in the prior year period.01Adjustments:The ISM Raceway Project5722350.05)Benefit of income tax law change—145,068(145,068)(3. Components of this plan include: Capital expenditures for existing facilities up to $500.0percent to 21. The financial information, presented in the tables that follow, have been reconciled to comparable GAAP measures (see “Adjusted EBITDA” below).0 percent interest in the Hollywood Casino at Kansas Speedway. Prime Group is proceeding with the development in ONEDAYTONA for approximately 276 luxury apartment rental units that will add critical mass to the overall ONEDAYTONA campus. The new infield continues the track’s mission of being the most fan-friendly track on NASCAR’s schedule.2million related to the worthlessness of ISC’s investment in Motorsports Authentics.2million for the same period in fiscal 2017.0 million of the total incentive amount in cash in fiscal 2018, and the remaining to be received in annual payments derived from a long-term note receivable issued by the CDD, the first payment of the note receivable is expected in fiscal 2019 and maturity of the note receivable in 2046.01 per diluted share, of net gain on sale of certain assets. The project is expected to cost approximately $30.generally accepted accounting principles (“GAAP”).01 per diluted share of similar losses related to The ISM Raceway Project;During the three months ended August31, 2018, we recognized total capitalized interest of approximately $1.01 per diluted share, in non-recurring costs that are included in general and administrative expense related to The ISM Raceway Project (see “External Growth, Financing-Related and Other Initiatives – The ISM Raceway Project Powered by DC Solar”). Richmond Reimagined was completed in September 2018.0 percent greater than fiscal 2017, primarily related to the ISM Raceway and Richmond Raceway projects. Our 50. Several new tenants have executed lease agreements in the Shoppes as a result of the revitalization.07Legal settlement(980)(375)(605)(0. Hollywood Casino at Kansas Speedway Kansas Entertainment, LLC, (“Kansas Entertainment”) a 50/50 joint venture of Penn Hollywood Kansas, Inc.78Adjustments:The ISM Raceway Project3041161880. We own and/or operate 13 of the nation’s major motorsports entertainment facilities, including Daytona International Speedway in Florida (home of the DAYTONA 500); Talladega Superspeedway in Alabama; Michigan International Speedway located outside Detroit; Richmond Raceway in Virginia; Auto Club Speedway of Southern CaliforniaSM near Los Angeles; Kansas Speedway in Kansas City, Kansas; ISM Raceway near Phoenix, Arizona; Chicagoland Speedway and Route 66 RacewaySM near Chicago, Illinois; Homestead-Miami SpeedwaySM in Florida; Martinsville Speedway in Virginia; Darlington Raceway in South Carolina; and Watkins Glen International in New York. In closing, Ms. # We use this non-GAAP information to analyze current performance and trends, and make decisions regarding future ongoing operations.3 million, or less than $0. and Kansas Speedway Development Corporation (“KSDC”), a wholly owned indirect subsidiary of ISC, operates the Hollywood-themed casino and branded destination entertainment facility, overlooking turn two at Kansas Speedway. Prime Group has been selected as the partner for ONE DAYTONA’s residential development.0million, which includes between $25.0% to 26. Through August31, 2018, we recorded approximately $1. The new renovations are on schedule to be showcased at the track’s triple-header weekend in November. 04, 2018 (GLOBE NEWSWIRE) — International Speedway Corporation (NASDAQ Global Select Market: ISCA; OTC Bulletin Board: ISCB) (“ISC”) today reported financial results for its fiscal third quarter ended August31, 2018. We began recognizing revenue and expense associated with the project, as a result of assets placed in service and/or benefits provided to partners, beginning late fiscal 2017.06Capitalized interest(2,857)(751)(2,106)(0.6 million received, recognized as a return of capital from investing activities on our consolidated statement of cash flows.0million during the period compared to approximately $54.1million, or $0. We review the capital expenditure program periodically and modify it as required to meet current business needs. At this time, we expect this spending to be evenly allocated per year, although we will scale the repurchase program to buy opportunistically.3 million, or less than $0. There were no similar items during the three months ended August31, 2018; andDuring the three months ended August31, 2018, our effective tax rate decreased primarily as a result of tax legislation associated with the Tax Cuts and Jobs Act, and to a lesser extent, one-time cumulative reductions in certain state tax liabilities. We remain committed to our consumer-focused sales and marketing initiatives, providing segmented experiences desired by fans for a good value, which we expect will stabilize recent headwinds facing admissions.5%Effective tax rate: 25. The project is expected to cost approximately $50.0million, partially offset by costs associated with the The ISM Raceway Project of approximately $0.00Accelerated depreciation4,7411,8132,9280.1million, and for the nine month period income from a legal settlement of approximately $1.0 million of capital expenditures, exclusive of capitalized interest and net of public incentives, related to phase one of ONE DAYTONA and the Shoppes at ONE DAYTONA (see “ONE DAYTONA”). From inception, through August31, 2018, we recorded approximately $6. Other sources of funding towards the overall ONE DAYTONA project will include the public incentives discussed below and land contributed to the joint ventures associated with the project. Entertainment continues to be a focus for ONE DAYTONA, with Victory Circle fast becoming the development’s focal point, already hosting events from live music and car shows to meet and greets and community festivals.1 million and $0.3 million, or less than $0. As part of the partnership agreement, our portion of equity will be limited to our land contribution and we will share proportionately in the profits from the joint ventures. To better meet our customers’ expectations, we are committed to improving the guest experience at our facilities through on-going capital improvements that position us for long-term growth. The ISM Raceway Project is expected to cost approximately $178.8million, or $0.3million, respectively.0million (see “GAAP to Non-GAAP Reconciliation – Adjusted EBITDA” for discussion on Non-GAAP financial forward looking measures). Volusia Point is our retail property adjacent to ONE DAYTONA and has been re-branded as the Shoppes at ONE DAYTONA (“the Shoppes”).0million of capital expenditures to further develop Volusia Point, which was previously purchased in 2011. From inception, through August31, 2018, we have incurred total capital expenditures related to The ISM Raceway Project, exclusive of capitalized interest and labor, of approximately $125.0 million in total annual dividends and the balance being open market repurchase of ISCA shares over the five year period. For fiscal 2018, we sold all race entitlements for Monster Energy NASCAR Cup series and NASCAR Xfinity series events. The fiscal 2018 revenue target is approximately 8. However, accounting rules dictate that we capitalize a portion of the interest on existing outstanding debt during the construction period.5million in non-cash charges over the approximate 22-month project time span. We continue to operate under a five-year capital allocation plan adopted by the Board of Directors, covering fiscal years 2017 through 2021. Corporate SalesNASCAR is a powerful brand with a loyal fan base that we believe is aware of, appreciates and supports corporate participation to a greater extent than fans of any other sports property. We expect cash spent to be approximately $95.2 million, or $0.9 million, exclusive of capitalized interest and labor. Okland Construction (“Okland”) has been selected as general contractor of the project. We have a long-term capital allocation plan that extends through fiscal 2021, demonstrating our ongoing commitment to building long-term value.8million, consists of approximately $17. Such non-GAAP information separately identifies, displays, and adjusts for items that are not considered to be reflective of our continuing core operations at our motorsports entertainment facilities. During the three months ended August31, 2017, we recognized approximately $0. The number of FORTUNE 500 companies invested in NASCAR remains higher than any other sport. We have accounted for Kansas Entertainment as an equity investment in the consolidated financial statements as of August31, 2017 and 2018. The aforementioned represents certain components of our capital allocation plan for fiscal 2017 and beyond.” “In September, Richmond Raceway debuted the DC Solar Fangrounds, which left fans star struck as they got closer to the action and their favorite drivers, an experience unmatched by any other motorsports facility.4million for the same period in fiscal 2017.03Losses on retirements of long-lived assets6625410.04Net gain on sale of certain assets(330)(126)(204)0.0million, which includes maintenance capital, before capitalized interest. Additionally, in the first and third quarters of fiscal 2018, we recorded non-recurring, non-cash income tax benefits related to the TaxCutsandJobsAct totaling approximately $145.3million, or less than $0. Should additional development and/or acquisitions be pursued, we will provide discrete information on timing, scope, cost and expected returns of such opportunities. Excluding non-recurring costs associated with The ISM Raceway Project, accelerated depreciation related to The ISM Raceway Project and other capital improvements including the infield project at Richmond, losses associated with the retirements of certain other long-lived assets, capitalized interest associated with The ISM Raceway Project and ONE DAYTONA, net gain on sale of certain assets, impairment of deferred tax asset, and the income tax benefit related to the TaxCutsandJobsAct, non-GAAP net income, as defined below, was $11.01 per diluted share, related to The ISM Raceway Project;During the nine months ended August31, 2017, we recognized approximately $0.3million. For fiscal 2018, we have corporate partnership agreements in place for approximately 95. The earnings outlook is our best estimate of financial results for fiscal 2018.01 per diluted share.4 million, or $0. At stabilization in fiscal 2020, we expect this first phase of ONE DAYTONA and the Shoppes to deliver a combined incremental annual revenue and EBITDA of approximately $13.2 million remaining repurchase authority under the current $530.00Non-GAAP$61,953$24,089$37,864$0. In comparison, we spent approximately $77., Oct.0million to $26. At August31, 2018, we had approximately $164.03 per diluted share, of revenue related to insurance proceeds. The ISM Raceway Project Powered by DC Solar On November 30, 2016, we announced our Board of Directors had approved a multi-year redevelopment project to elevate the fan experience at ISM Raceway, our 53-year-old motorsports venue previously known as Phoenix Raceway.S.9million received as a distribution from its profits, included in net cash provided by operating activities on our consolidated statement of cash flows, with the remaining approximate $4. The financial measures, income before taxes, net income and diluted earnings per share, should not be construed as an inference by us that our future results will be unaffected by those items, which have been excluded to achieve our adjusted, non-GAAP financial measures.03 per diluted share, reduction of deferred income tax liabilities and income tax benefit as a result of the aforementioned Federal income tax rate reduction. Our cash position and future liquidity has been further enhanced by the following: In fiscal 2017, we recorded a non-recurring tax benefit of approximately $48. External Growth, Financing-Related and Other Initiatives Capital AllocationWe have established a long-term capital allocation plan to ensure we generate sufficient cash flow from operations to fund our working capital needs, capital expenditures at existing facilities, return of capital through payments of an annual cash dividend, and repurchase of our shares under our Stock Purchase Plan.0million in fiscal 2016 through 2019 on the RD&E component of ONE DAYTONA’s first phase. There were no similar items during the nine months ended August31, 2018; andDuring the nine months ended August31, 2018, our effective tax rate decreased primarily as a result of tax legislation associated with the Tax Cuts and Jobs Act, and to a lesser extent, one-time cumulative reductions in certain state tax liabilities.” Third Quarter Comparison Total revenues for the three months ended August31, 2018 were approximately $159. This allocation will fund a reinvestment at ISM Raceway, as well as all other maintenance and guest experience capital expenditures for the remaining existing facilities.48 per diluted share, compared to approximately $34.0million in capital expenditures related to construction for ONE DAYTONA, excluding the receipt of public incentives (see “ONE DAYTONA”).7million, or $0. Subsequently, in September 2017, we announced a long-term partnership with ISM Connect, a pioneer in smart venue technology, which included naming rights to ISM Raceway.0million, including maintenance capital, before capitalized interest.” “Development at ONE DAYTONA continues to gain momentum as tenants complete construction and commence operations.05 per diluted share, of which approximately $2.0 millionOperating margin: 15.00Capitalized interest(2,488)(951)(1,537)(0.48Adjustments:The ISM Raceway Project266701960.28 per diluted share.0 million to $5. For the future, we are well positioned to balance the strategic capital needs of our business with returning capital to our shareholders.0 million to the ONE DAYTONA pro-forma through increased square footage and securing tenants for currently vacant spaces (see “GAAP to Non-GAAP Reconciliation – Adjusted EBITDA” for discussion on Non-GAAP financial forward looking measures).8million, or $0.1 million, consisted of approximately $14.0 million in cash distributions received from our investment in the Hollywood Casino and approximately $1.0 percent of our gross marketing partnership revenue target, as compared to approximately 99. The non-GAAP financial measures disclosed herein do not have standard meaning and may vary from the non-GAAP financial measures used by other companies or how we may calculate those measures in other instances from time to time. The adjustments for fiscal 2017 relate to non-recurring costs incurred associated with The ISM Raceway Project, accelerated depreciation (associated with The ISM Raceway Project and other capital improvements including the infield project at Richmond), legal settlement, losses associated with the retirements of certain other long-lived assets (associated with The ISM Raceway Project), and capitalized interest (associated with ONE DAYTONA and The ISM Raceway Project), net gain on sale of certain assets and impairment of deferred tax asset. The adjustments for fiscal 2018 relate to non-recurring costs incurred associated with The ISM Raceway Project, losses associated with the retirements of certain other long-lived assets in connection with The ISM Raceway Project, ONE DAYTONA and facility optimization initiatives, accelerated depreciation (related to The ISM Raceway Project and other capital improvements including the infield project at Richmond), capitalized interest related to The ISM Raceway Project and ONE DAYTONA, and the income tax benefit related to the TaxCutsandJobsAct.0 million to $240. The combination of brand power and fan loyalty provides an attractive platform for robust corporate partnerships. Legacy’s development team is a natural fit for the project, having served as the developer for Legends Outlets Kansas City, a mixed-use retail destination across from our Kansas Speedway. We expect spending for capital expenditures under this plan to be somewhat front-loaded.03 per diluted share, of which approximately $1. GAAP to Non-GAAP Reconciliation The following discussion and analysis of our financial condition and results of operations is presented below using financial measures other than U. For fiscal 2018, we expect capital expenditures associated with the aforementioned capital allocation plan to range between approximately $120. Any future phases will be subject to prudent business considerations for which we will provide discrete cost and return disclosures. The non-GAAP financial measures identified in the tables that follow include adjusted income before taxes, adjusted net income and adjusted diluted earnings per share. Net income for the three months ended August31, 2018, was approximately $12. The CDD will purchase certain infrastructure assets, and specific easement rights, from ONE DAYTONA.8million, compared to revenues of approximately $445.

Remember to look into motor bicycle kits

If you want to use it regularly, you may have different objectives than if you only planned to use it occasionally. Leave the tears and frustrations behind and have an enjoyable time with your family, who will all be able to keep up with everyone else. If you have a favorite bike, you might want to consider that for your base to build upon, although, if you don’t, you may well want to look into a motorized bike that is built originally for powered biking. Now you too can consider riding your bike to work, and you just need to remember to look into motor bicycle kits before you get to it.

Motor bicycle kits can help you convert your bicycle to a motorized bike. All you’ll need to do is turn on the motor, and then you can enjoy extra family time together. Of course you’ll all want to be wearing your bike helmets, in case you do run into some unexpected trouble.

Of course you’ll want to be sure to use the machinery safely, so everyone can have a great time and China DC Motors Manufacturers look forward to the next time. Be sure that everyone is following the rules of the road, and be sure if there are any special instructions regarding using the bike after adding a motor, that those instructions are followed faithfully. For instance, have you ever considered commuting to work via bike? If you’ve ever even thought about it, you’ve probably dismissed it as being too much of a hassle, or being too far away. You can even buy a motorized bike where the motor is an integral part of the structure of the bike, and isn’t an additional feature added on later. The motor will help slower people keep up with faster people and will also help people from feeling overwhelmed by the ride if they aren’t used to it. You can order motor bicycle kits and do the job yourself, or you can have an existing bike converted by someone else. If you’re properly outfitted with the right safety equipment, that should come in handy, and it can make your ride a much pleasanter ride. Keep in mind that you might be setting an example for the neighbors, so don’t be surprised if you see more motor bicycle kits showing up in your neighborhood soon after yours. The benefit to a lot of bicycles with with motors is that you could plan family outings using them and have a terrific time alternating exercising and gliding along.

If you are ordering motor bicycle kits online, you will need to consider your needs for the bike. Most people who do ride their bikes to work are usually people who ether live close to their work, or are extra athletic, right? Well, no more. Whichever you choose, you may find that motor bicycle kits go a long way to improving your typical bike ride, and opening up opportunities you may not even have considered a opportunities before.